If you have read our previous blogs on Blockchain, you are probably now wondering what steps you and your business might undertake to incorporate Blockchain. Below are 6 steps to assist you in implementing Blockchain into your business:

Step 1. Deciding if Blockchain is applicable to your Industry

If you are uncertain how Blockchain can help your business, it can be useful to ask yourself the following questions:

Is my current system prone to errors due to manual input

Do I need to track transactions more efficiently.

Is my current system too complex.

Is my current system too costly.

Can a new network provide greater transparency.

If any of the above answers are applicable to your business, Blockchain is likely to benefit your business.

Step 2. Examining your Current Business Process

By placing your current business process under scrutiny – you will be able to identify inefficiencies or areas that are prone to delay.

Step 3. Determining How Blockchain Can Help

After identifying inefficiencies in your business process – the next step is to identify how Blockchain can alleviate these inefficiencies. For example, if a lack of trust is causing friction in your business. Blockchain can assist by providing a shared ledger, thereby increasing transparency.

Step 4. Is Blockchain Appropriate

Before implementing Blockchain you will need establish if it can provide real value, could the process be achieved by using an alternative system.

Step 5. Determining How Blockchain can Help You Achieve Your Goals

Ask yourself what you want to achieve by implementing Blockchain. How can your business measure how affective its initial implementation has been.

Step 6. Choosing the Appropriate Provider

Consider who would be your most appropriate Blockchain provider, it might be beneficial to consider the following:

Do you have frequent exchanges with the same individual, cold these exchanges be automated to free up time and money.

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Posted on June 6, 2018 by Colin O'Brien

The best ways to determine if Blockchain can help your business it to look at some real-world benefits. For example, it can provide to a range of businesses across the following separate and varied industries:

Insurance

Insurance providers need an efficient way to process claims. Blockchain can facilitate this by incorporating insurance claims and policy conditions into smart contracts stored on Blockchain. Once an insurance claim is made by a credible source, the insurance policy is automatically triggered.

Supply Chain Management

When something goes wrong in a complex system, for example an aircraft. It can be useful to implement supply chain management to establish the details of each component down to the date, batch and even the manufacturing machine. Blockchain can hold all these details.

Healthcare

Most hospital records are held in cloud like environment, making the data susceptible to data breaches leading to fines and damaging reputations. By incorporating greater granularities Blockchain can facilitate patients, doctor’s hospitals and insurers to maintain comprehensive medical history for every patient.

Financial Services

Commercial financing: Businesses need to purchase goods and services on credit – by implementing Blockchain and the process of sharing a ledged, there is complete visibility on all transactions and the potential for disputes is limited.

Trade finance: businesses need a way to expedite the process of moving goods across borders. Legal entities can sign all approvals on Blockchain, keeping all parties informed on the approval status.

As the network is self-policed by the network participants there is significantly less need for oversight.

Tighter Security – a permissioned network reduces the risk of fraud, tampering and cybercrime. It should be noted that not all Blockchains are built for business, so some Blockchains are permissioned while some are not. A permissioned Blockchain is vital for a business as it offers greater auditability and improves efficiency.

Time savings – Without the need for verification from a central authority, transaction settlement is faster and transaction times are significantly reduced.

Blockchain can also enhance the trust across a business network, as every transaction in the network builds on the previous one, any corruption or fraudulent behaviour is readily apparent. This trust eliminates the need for third party supervision, and enables greater access for auditors and regulators to review relevant transactions and verify compliance.

What questions do you have?

We are happy to help. Please post your comment below or call Jack Gahan from Corporate Finance Team on 01 677 9000. Alternatively, send him an email: jgahan@cooneycarey.ie